New York To Become Life Sciences Centre After $500m Investment
Date posted:
News
New York could one day be the centre of the life sciences industry, after mayor Bill de Blasio has promised to invest $500 million (£406 million) in funding for the sector.
Mr de Blasio will commit $300 million to be ploughed into tax incentives, so that life sciences businesses can attract investment for commercial lab space. This will help cut down on the cost of having to build new labs in the US city, The Pharma Letter reported.
While this is the largest chunk of the cash, a further $10 million will be spent on five new incubator and innovation centres, and the first of these is set to open before the end of next year showing just how invested New York is in pioneering life sciences research and development (R&D).
A new campus will be constructed at a cost of $100 million, which will help centralise the industry and its 16,000 new employees. This is in addition to a $50 million investment into R&D facilities at the centre.
The idea behind having a campus located in the heart of New York City is so that innovations and ideas remain in one location, instead of moving to other cities around the States.
Investment will also be put into life sciences education, with $7.5 million used to create new internships and curricula to create future employees in this sector.
The same amount of money will then be spent on the creation of a Life Sciences Management Corps. This will be used to finance life science start-ups to encourage new businesses in this industry to grow and prosper.
This comes after the industry could be set to receive a £1 billion boost, as a result of a partnership between investment company BACIT and the Wellcome Trust Syncona, which will be called Syncona.
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